JillC (California)
Posts: 26
Posts: 26
Posted:
This is what our CCR's say word for word:
Rights of Institutional Holders of Mortgages
Section 4 Amendments to Documents
(b) the consent of at least sixty-seven percent (67%) of Class A members and the consent of the Class B member and the approval of Eligible Holders of first encumbrances on Lots to which at least fifty-one percent (51%) of the votes of members whose Lots are subject to such an emcumbrance pertain, shall be required in order to materially amend any provision of the Governing Documents, or to add any material provisions thereto, which establish, provide for, govern or regulate any of the following."
It goes on to include voting, self management, leasing, common area boundries, and "any provisions included in the Governing Documents which are for the express benefit of Institutional Holders, Guarantors or Insureres of first encumbrances on Lots"
So, I think this means we need 67% vote to amend CCR's. The BOD thinks it is only 51%. Can anyone help me clear this up? We have voted once, vote did not pass so the BOD wants to hold another vote and told members that they only need 51%..
Any opinion would be helpful.. THANKS
Jill
Rights of Institutional Holders of Mortgages
Section 4 Amendments to Documents
(b) the consent of at least sixty-seven percent (67%) of Class A members and the consent of the Class B member and the approval of Eligible Holders of first encumbrances on Lots to which at least fifty-one percent (51%) of the votes of members whose Lots are subject to such an emcumbrance pertain, shall be required in order to materially amend any provision of the Governing Documents, or to add any material provisions thereto, which establish, provide for, govern or regulate any of the following."
It goes on to include voting, self management, leasing, common area boundries, and "any provisions included in the Governing Documents which are for the express benefit of Institutional Holders, Guarantors or Insureres of first encumbrances on Lots"
So, I think this means we need 67% vote to amend CCR's. The BOD thinks it is only 51%. Can anyone help me clear this up? We have voted once, vote did not pass so the BOD wants to hold another vote and told members that they only need 51%..
Any opinion would be helpful.. THANKS
Jill